AppleMagazine|June 05, 2020
Tuesday’s release of the once-obscure company’s financial results for the February-April period provided a window into the astronomical growth that has turned it into a Wall Street star.
Zoom’s revenue for its fiscal first-quarter more than doubled from the same time last year to $328 million, resulting a profit of $27 million — up from just $198,000 a year ago.
The numbers exceeded analysts’ already heightened expectations, providing another lift to a rocketing stock that has more than tripled in price so far this year. After a big runup leading up to Tuesday’s highly anticipated announcement, Zoom’s stock gained nearly 3% in extended trading to $213.60 — more than five times the company’s initial public offering price of $36 less than 14 months ago.
The surge has left Zoom with a market value of about $59 billion — greater than the combined market values of the four largest U.S. airlines, which have seen their businesses hammered by the coronavirus outbreak that has dramatically curtailed travel.
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June 05, 2020